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Lagos-Calabar Highway Gets $100M Push from ECOWAS to Drive Regional Growth

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ECOWAS Bank for Investment and Development (EBID) has committed $100 million to support the development of a key section of Nigeria’s Lagos-Calabar Coastal Highway.

This funding covers a 47.7-kilometre stretch, marking Section I, Phase I of the project, which originates from Ahmadu Bello Way in Lagos.

Work on the highway began in March 2024, with Hitech Construction Company Limited appointed as the main contractor.

The announcement was made during EBID’s 92nd Ordinary Session held in Lagos, where the bank outlined a series of development financing commitments amounting to €174 million and $125 million, targeted at infrastructure and social development across the ECOWAS region.

The investment in the Lagos-Calabar Coastal Highway is designed to boost intra-regional connectivity by linking nine Nigerian states. It will also enhance access to strategic seaports, support agro-industrial development, and improve logistical networks along Nigeria’s southern corridor. The highway is further expected to contribute to the formation of a regional supply chain, economically empowering coastal communities.

“The bank also approved $100 million in funding for the Lagos-Calabar coastal motorway project in the Federal Republic of Nigeria. It said that this project, which spans 47.7 km, would link nine Nigerian states and improve access to seaports and isolated agro-industrial areas. EBID noted that the funding would also contribute to the emergence of a regional value chain to support coastal communities.”

Other EBID-backed initiatives include €50 million earmarked for the establishment and outfitting of six technical and vocational education centres in Togo. These centres aim to provide skills training for up to 3,480 youths annually, focusing on high-demand trades.

In Guinea, the bank allocated €28.9 million to revamp four agricultural high schools, and an additional €95.16 million to build three hydroelectric micro-power plants with a combined generation capacity of 30 megawatts, aiming to expand rural access to renewable energy.

Côte d’Ivoire will benefit from a $25 million facility directed at financing clinker imports by Société de Ciment de Côte d’Ivoire—a move expected to support local cement manufacturing and alleviate raw material shortages in the construction sector.

EBID noted that its latest funding initiatives align with the United Nations Sustainable Development Goals (SDGs), particularly Goal 9, which advocates for advancements in industry, innovation, and infrastructure. With these latest disbursements, the bank’s cumulative investment across the West African region has surpassed the $5 billion milestone.

Nigeria’s Minister of Works, David Umahi, recently disclosed that the Federal Government has signed off on contracts exceeding N3 trillion for multiple sections of the Lagos-Calabar Coastal Highway project, extending through Lagos, Akwa Ibom, and Cross River states.

The Lagos segment—Section I—was awarded at N1.068 trillion, with 30 percent of the contract sum already paid.

Section II, which includes multiple bridges and traverses difficult terrain en route to the Dangote Refinery, has been contracted at N1.6 trillion.

Sections III A and III B, covering parts of Akwa Ibom and Cross River, were jointly valued at N1.33 trillion.

President Bola Tinubu officially inaugurated the first completed segment of the coastal highway in May 2025, signalling the project’s steady progress.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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Nigerian Man Sentenced in U.S. for Sextortion Scheme Leading to Death of American Student

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A 27-year-old Nigerian national, Imoleayo Samuel Aina, also known as “Alice Dave,” has been sentenced to six years in prison by a U.S. federal court for his role in a sextortion scheme that led to the death of a 20-year-old American student.

The sentence, handed down by United States District Judge Joel H. Slomsky on Oct. 28, includes 72 months in prison, five years of supervised release, and restitution of $3,250.

United States Attorney David Metcalf announced the sentencing in a press release issued Saturday, Nov. 15, following a delay caused by the recent federal government shutdown.

The case stems from a January 2023 incident in which Jack Sullivan, a sophomore at Kutztown University in Pennsylvania, received flirtatious messages from Aina via Instagram. The exchange escalated to intimate photos on Snapchat, followed by threats demanding money.

Sullivan paid approximately $2,800, but Aina refused to delete the images. Less than 24 hours later, Sullivan was struck and killed by a train near the Jenkintown SEPTA station.

Aina was arrested in Nigeria alongside co-defendant Samuel Olasunkanmi Abiodun on July 31, 2024, and extradited to the United States with assistance from Nigerian authorities and the FBI. A third Nigerian, Afeez Olatunji Adewale, remains in Nigeria pending extradition.

Aina pleaded guilty in May 2025 to multiple charges including cyberstalking, extortion, money laundering conspiracy, and wire fraud. Abiodun, 26, was sentenced to five years in prison in June after pleading guilty to related charges.

U.S. Attorney Metcalf described Aina as “the driving force behind this sextortion scheme,” adding that the Department of Justice is committed to prosecuting overseas scammers who target American citizens.

“This case is a powerful reminder of the profound harm sextortion inflicts on young people and their families,” said Wayne A. Jacobs, Special Agent in Charge of the FBI’s Philadelphia Field Office.

The case was investigated by the FBI and Abington Township Police Department, and prosecuted by Assistant U.S. Attorney Patrick Brown.

The Justice Department acknowledged the critical support of Nigeria’s Attorney General, the Federal Ministry of Justice’s International Criminal Justice Cooperation Department, and the Economic and Financial Crimes Commission in facilitating the extraditions.


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Firm Urges Organizations to Check Protection of their Websites Amid Search Engine Optimisation Attack Schemes

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Kaspersky, a global cybersecurity and digital privacy company, warns of a prominent threat to website owners, including small and medium-sized businesses: search engine optimisation (SEO) spam and hidden links embedded on legitimate websites.

SEO is the practice of improving a website’s visibility in search engine results through ethical strategies like keyword optimisation, high-quality content creation and building authoritative backlinks.

However, malicious actors are exploiting this process by injecting hidden links on reputable sites to manipulate search rankings, often linking to illicit content such as pornography or gambling, jeopardising businesses’ online presence and reputation.

The consequences for affected websites are severe, including plummeting search rankings, eroded visitor trust and potential legal liability if linked to illegal content. The attackers’ goals may be to discredit certain websites or to channel traffic to certain portals.

Attackers embed hidden links on websites by exploiting compromised administrator accounts, outdated website content management system extensions (which were initially designed to enhance the functionality and features) or server weaknesses, allowing them to directly edit the site’s HTML code or inject malicious scripts. Security solutions may categorise such websites as prohibited and block traffic to them.

Popular blogs and forums are among the targets due to their high traffic, making them valuable for boosting attacker-controlled sites. Websites with less traffic are also vulnerable, as attackers exploit weaker security to inject these links, which can go unnoticed until traffic drops or search engines issue penalties.

“Kaspersky’s categorisation engine constantly detects hidden links pointing to pornographic and gambling sites. SEO spam is a serious threat that can silently undermine a company’s digital credibility and financial stability. These hidden links not only exploit a website’s authority to boost illicit sites but can also trigger harsh penalties from search engines and security solutions, devastating businesses that rely on online visibility.

Proactive defence of the website admin panel and content management system is critical to staying ahead of these evolving attacks,” said Anna Larkina, Web Content and Privacy Analysis Expert at Kaspersky.

Kaspersky recommends regular audits of website source code for suspicious elements, using trusted tools such as Google Search Console or OpenLinkProfiler. Businesses should keep CMS platforms and plugins updated, enforce strong passwords with two-factor authentication and restrict admin panel access by IP address. Deploying web application firewalls and maintaining regular backups are also essential to prevent and recover from unauthorised changes.


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IHS Holding Chairman, Sam Darwish Credits Nigeria for Strong Q3’25 Earnings

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New York Stock Exchange listed IHS Towers, the largest independent owner, operator and developer of shared communications infrastructure in Africa and one of the largest in the world by tower count, has delivered strong third quarter earnings ahead of expectations while revisiting its full 2025 guidance upwards.

This is on the back of its strong Nigeria performance where Sam Darwish, Chairman and CEO, tells thousands of Wall Street investors and analysts on its earnings call that “the current Nigerian administration has done in our opinion a great job in stabilizing and improving the economic outlook of the country as they increase reserves and strengthened the currency, while reducing red tape for businesses among other fundamental actions. So, we are upbeat about Nigeria.”.

In Nigeria, revenue increased 10.6% year-on-year to $268.0 million, driven by organic growth during the period and supplemented by favorable movements in the Naira versus the U.S. dollar.

Across the Group, revenue for the period increased by 8.3% year-on-year to $455.1 million, despite a 3.0% inorganic revenue headwind resulting from the disposal of the Company’s Kuwait operations in December 2024. Organic revenue growth of 6.6% reflected constant currency growth of 8.7% and the benefit of foreign exchange (“FX”) resets, partially offset by a reduction in revenues linked to power indexation.

Constant currency growth was primarily driven by higher contributions from colocation, lease amendments, new sites, fiber, and escalators. This strong underlying performance was further supported by a 4.7% benefit from favorable FX movements, particularly the appreciation of the Nigerian Naira against the U.S. dollar.

Adjusted EBITDA rose by 6.3% year-on-year to $261.5 million, despite a 3.3% impact from the Kuwait disposal. The Adjusted EBITDA margin of 57.5% remained consistent with the second quarter of 2025, while net income for the period totaled $147.4 million.

Adjusted Levered Free Cash Flow (ALFCF) surged by 81.2% to $157.8 million, reflecting management actions to enhance free cash flow generation and the re-phasing of interest payments between quarters following the November 2024 bond refinancing. Cash from operations increased by 42.3% to $259.6 million.

Total capital expenditure rose 16.3% year-on-year to $77.3 million, driven by the timing of maintenance and augmentation projects. The consolidated net leverage ratio improved to 3.3x, down 0.6x from the prior year, comfortably within the Company’s target range of 3.0x to 4.0x.

Reflecting the strong year-to-date performance and favorable currency movements, the Company has raised its full-year 2025 guidance.

In Nigeria the Group’s largest operation, organic revenue increased by $12.2 million, an increase of 5.0% year-on-year, driven primarily by foreign exchange resets and escalations, which more than offset a reduction in revenues linked to diesel prices. Continued growth in revenue from Colocation, Lease Amendments and New Sites was partially offset by Churn related to the approximately 1,050 sites MTN Nigeria agreed to vacate as part of the renewed and extended contracts with MTN Nigeria, signed during the third quarter of 2024.

The increase in organic revenue was supplemented by favorable movements in foreign exchange rates used to translate the results of foreign operations, with an average Naira rate of ₦1,523 to $1.00 in the third quarter of 2025 compared to an average rate of ₦1,601 to $1.00 in the third quarter of 2024. This led to a non-core increase of $13.5 million, or 5.6% year-on-year.

 


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